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Consumer debt hits $2.52 trillion.

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"Consumer debt hits $2.52 trillion."

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The AP reports:

The Federal Reserve reported Friday that consumer credit increased at an annual rate of 3.3 percent in January. That was up from a 1.8 percent growth rate in December and marked the fastest pace since November.

The pickup in January pushed up total consumer debt by $6.9 billion to $2.52 trillion.
That was on target with economists’ expectations.

The increase in borrowing was led by heavier use of revolving credit, primarily credit cards. Demand for revolving credit rose at a 7 percent pace in January. That was up from a 2.8 percent growth rate in December.

More on the credit crisis here.

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